Countryside real estate in Cyprus attracts not only local residents but also foreign investors. Cyprus offers a variety of housing options, including villas, apartments, townhouses, and land plots for construction. Let’s explore the key aspects of purchasing countryside property on this island.
Popular Areas for Countryside Real Estate
Limassol – one of the most sought-after areas in Cyprus. It is a modern and dynamically developing city with a well-developed infrastructure and access to beaches. In Limassol, you can find both luxurious villas and more affordable housing options. This area attracts not only for its high quality of life but also for the investment potential in real estate.
Paphos is renowned for its mild climate, historical landmarks, and beautiful beaches. Many people purchase property here for permanent residence or to rent out to tourists. Paphos offers both elite villas and affordable apartments, making it appealing to various types of buyers.
Larnaca – the third-largest city in Cyprus, known for its beaches and convenient transportation system. Property prices here are somewhat lower than in Limassol and Paphos, making it popular among those looking for more economical countryside housing options.
Purchase Procedure and Taxes
Buying property in Cyprus involves several steps. First, you need to choose a suitable property and agree on the price with the seller. The transaction is handled by a lawyer, and the buyer receives a temporary title of ownership, which is later converted into a permanent title.
Foreign buyers must obtain permission from the Council of Ministers to purchase property.
Regarding taxes, the buyer pays a transfer fee, which ranges from 1.5% to 4% depending on the property value. The seller pays a capital gains tax of 20% on the profit from the sale.
Advantages and Disadvantages of Countryside Real Estate
Advantages of countryside real estate in Cyprus include:
- Privacy and space: Villas and houses often come with large plots of land, providing seclusion.
- Investment value: Villas and townhouses can generate stable rental income, especially in tourist areas.
- High quality of life: Many countryside residences are equipped with pools, gardens, and other amenities.
Disadvantages may include:
- High maintenance costs: Villas require significant expenses for upkeep, including gardeners, cleaners, and technical maintenance.
- Purchase restrictions: Foreign buyers may face limitations on land area and the need for government permits.
Countryside real estate in Cyprus represents an attractive option for investors and those seeking a second home in a warm climate. It is important to thoroughly research the market, consider all taxes and maintenance costs, and choose an area that best matches your lifestyle and financial capabilities.
